Arada posts 10% rise in first-half sales as Sharjah real estate market shows resilience to challenging conditions
In a sign of the continuing strength of the Sharjah property market, Arada has announced that its sales in the first six months of 2020 rose by 10% in comparison to the same period last year. The strong results come despite the effects of COVID-19 on the UAE economy, and on the country’s real estate sector in particular, with buyers putting their faith in the stability of Arada’s projects and the long-term investment value of the Sharjah market.
The value of sales at Aljada, the giant AED24 billion mixed-use community in the heart of New Sharjah, increased by 6% in the first half of this year as against the same period in 2019.
The highlight of the year so far at Aljada from a sales perspective has been the launch of the fourth and final block in the luxury Misk Apartments complex. Ideally located in the heart of Aljada with easy access to new family entertainment destination Madar, all units in the Misk Apartments buildings include Arada Smart Home features as standard.
After a sales launch that took place towards the end of June, Arada sold all 153 apartments in Misk 4 within a week. As a result, June was one of the highest-selling months in the company’s history.
The value of sales at Nasma Residences, the lushly landscaped villa and townhouse community in Al Tay, rose by 21% in the first half of 2020 compared to the same period a year earlier. Featuring 993 homes in total, Nasma Residences is now 97% sold out and all five phases of the project, as well as the community’s retail centre, will be completed and handed over this year.
HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said: “Every company around the world has had to cope with extraordinary pressures over the course of 2020 so far, and Arada has been no exception. However, during this period, I have been proud not only of our strong sales, but also our ongoing efforts to support different parts of the Sharjah community.
“This set of results proves that demand for quality real estate remains high in Sharjah, where the property market has remained stable over the course of the last decade or so. Emirati buyers in particular continue to see value in our core proposition of providing well-designed homes with excellent local facilities at an accessible price point.”
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “In uncertain times, investors look for stability even more, and that is what we have seen over the first half of this year. The launch of Madar at Aljada and ongoing handovers are proof points of Arada’s ability to create exceptional communities, and these are clearly resonating with buyers.
“The next six months will be the most important period in Arada’s history. We have an ambitious program of project launches, home deliveries and partnerships in the pipeline, and we see the second half of the year as an opportunity for us to cement a position as one of the region’s most active and resilient developers.”
Arada’s first-half results continue the company’s impressive growth, following a 33% increase in sales in 2019 in comparison to the previous year. Last year, the value of real estate transactions in Sharjah rose by 7% against 2018, with the number of transactions increasing by 13%.
The sales results cap a successful half-year for Arada in general. In February, HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, opened Madar at Aljada, the first part of Sharjah’s largest megaproject to be completed. Designed by Zaha Hadid Architects, the entertainment district contains the Aljada Discovery Centre, the Zad food precinct, a children’s adventure playground, a skatepark, an indoor events space and an amphitheatre.
The most recent addition to Madar is Movie Nights at Aljada, a drive-in cinema that has been operating at capacity since its launch on 1 July. In total, Madar at Aljada has now welcomed more than 210,000 visitors in the period since its opening in February,
Located in the fast-growing Muwaileh district in the heart of New Sharjah, Aljada is a 24 million square foot master-planned destination that is set to transform the future of the Emirate. Construction on Aljada began in 2018 and the first homes are scheduled to be handed over to owners in the third quarter of this year.